Positive sentiment may sustain above 65,300 level
66,000pts would be immediate hurdle
image for illustrative purpose
On Thursday, the benchmark indices bounced back sharply, NSE Nifty ends higher at 19,545 points, while BSE Sensex was up at 65,631 points. Among sectors, Media and Digital indices gained over one per cent, whereas some profit booking was seen in PSU Banks and Healthcare stocks.
Technically, after a sharp reversal, today the market opened with a gap-up and held the positive momentum throughout the day.
“We are of the view that, as long as the index is holding 65,300 level, the positive sentiment is likely to continue,” says Shrikant Chouhan of Kotak Securities.
On the higher side, 50-day SMA or 65,800 (Simple Moving Average) and 66,000 would be the immediate hurdles. On the flip side, below 65,300 level, the up-trend would be vulnerable. Below the same, day traders may prefer to exit out from the trading long positions.
